13 Best Cloud Cost Management Tools in 2023

Businesses are increasingly turning to cloud computing to drive innovation, scalability, and cost efficiencies. For many, managing cloud costs becomes a complex and daunting task, especially as organizations scale their cloud infrastructure and workloads.

In turn, cloud cost management tools can help teams gain better visibility, control, and cost optimization of their cloud spending. These tools not only provide comprehensive solutions to track and analyze, they also optimize cloud expenses.

This article will go over what cloud cost management tools are, the benefits and which products are the best performing and most cost effective out there. 

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What are cloud cost management tools?

Cloud cost management tools are software solutions designed to help businesses track, analyze, and optimize their cloud expenses. They provide organizations with the necessary visibility, control, and insights into their cloud spending in order to effectively manage cloud costs and ensure savings.  

Cloud cost management tools offer a range of functionalities to support cost management efforts. Some common features include:

• Cost tracking: These tools aggregate cost data from various cloud service providers, allowing organizations to monitor and track their cloud expenses in real-time. They provide detailed breakdowns of costs, helping businesses understand where their money is being allocated within the cloud environment. 
  
• Resource optimization: Cloud cost management tools analyze resource utilization and provide recommendations for optimizing cloud resources. This includes identifying idle or underutilized resources, rightsizing instances, and automating resource allocation based on demand. 
  
• Budgeting and forecasting: These tools enable organizations to set budgets and forecast future cloud costs based on historical data and projected growth. They provide insights into cost trends, allowing businesses to plan and allocate resources effectively. 
  
• Cost allocation: Cloud cost management tools facilitate the allocation of cloud costs to specific projects, teams, or departments. This allows organizations to attribute costs accurately and gain a better understanding of cost distribution across different areas of the business.  
• Cost optimization guidance: These tools offer intelligent recommendations and insights on cost optimization strategies. They identify potential cost-saving opportunities, such as utilizing reserved instances or savings plans, optimizing storage, or implementing cost-effective architectures. 
  
• Reporting and analytics: Cloud cost management tools provide comprehensive reporting and analytics capabilities. They generate cost reports, visualize cost data through charts and dashboards, and offer customizable views to help organizations analyze spending patterns and make informed decisions.  

By leveraging cloud cost management tools, businesses can gain better control over their cloud expenses, identify areas for cost optimization, and make data-driven decisions to ensure efficient resource allocation and cost savings in their cloud deployments.

Benefits of cloud cost management tools

Cloud cost management tools offer a plethora of valuable advantages to organizations seeking to optimize their cloud spending. As mentioned earlier, a primary advantage of cloud cost management tools is its real-time visibility into cloud spending. These tools aggregate cost data from multiple cloud service providers, offering a unified view of cloud expenses.

Detailed cost breakdowns help identify drivers, analyze spending patterns, and reveal optimization opportunities, empowering users to make data-driven decisions and cost reduction strategies. Check out more benefits of cloud cost management tools: 

• Enhanced cost visibility: These tools provide real-time and detailed visibility into cloud expenses, enabling organizations to track and monitor costs across multiple cloud service providers effectively. 
  
• Intelligent cost optimization: Cloud cost management tools leverage advanced algorithms and analytics to deliver actionable recommendations for cost savings and efficiency improvements. Businesses can rightsize resources and leverage cost-effective savings plans to optimize cloud expenses effectively.
  
• Streamlined budgeting and forecasting: With these tools, organizations can establish robust budgeting frameworks, forecast future costs, and accurately track spending against set budgets. This promotes proactive financial planning and cost control. 
  
• Resource efficiency: Cloud cost management tools perform in-depth analysis of resource utilization, identifying areas of inefficiency and opportunities for optimization. By streamlining resource allocation, organizations can enhance efficiency and reduce unnecessary expenses. 
  
• Accurate cost allocation: These tools facilitate precise cost allocation to specific projects or departments, fostering transparency and accountability within the organization. 
  
• Comprehensive cost performance with observability: Cloud cost management tools provide comprehensive reports and advanced analytics, enabling data-driven insights into spending patterns and identifying potential areas for cost savings.  By leveraging these benefits, organizations can achieve better cost control, optimize resource utilization, and make informed decisions to ensure cost efficiency in their cloud operations.

13 best cloud cost management tools

1. Coralogix

Different data is used differently and to achieve different goals. With Coralogix, the option is to pay relative to the value of data, not the volume.  Data prioritization before storing or indexing data reduces monitoring costs while simultaneously improving system visibility.

2. AWS Cost Explorer

A built-in tool within the Amazon Web Services (AWS) console that provides cost visibility, forecasting, and budgeting capabilities specifically for AWS cloud costs.

3. Azure Cost Management 

Microsoft Azure’s native tool for managing and optimizing costs in Azure environments. It offers cost tracking, budgeting, and recommendations for cost savings. 

4. Google Cloud Cost Management

Google Cloud’s cost management tool provides cost visibility, budgeting, and analysis features to help organizations optimize their spending on Google Cloud Platform services. 

5. CloudHealth by VMware

A comprehensive cloud cost management platform that supports multi-cloud environments. It offers cost optimization, governance, and reporting features across various cloud providers.

6. Apptio Cloudability

A cloud cost management tool that provides visibility, optimization, and budgeting capabilities for multi-cloud environments. It helps organizations track and analyze costs across different cloud providers. 

7. RightScale Optima

A cloud cost management and optimization platform that supports cost analysis, optimization, and reporting across multiple cloud providers.

8. CloudCheckr 

A comprehensive cloud management platform that offers cost optimization, security, and compliance features. It provides detailed cost reporting, budgeting, and resource optimization recommendations. 

9. Kubecost

A cost monitoring and optimization tool specifically designed for Kubernetes environments. It helps organizations track and optimize costs associated with running applications on Kubernetes clusters. 

10. ParkMyCloud 

A tool that focuses on optimizing costs by automating the scheduling of cloud resources. It helps organizations save money by automatically turning off non-production resources when they are not needed.  

11. Cloudability 

A cloud cost management tool that offers cost reporting, budgeting, and optimization features. It provides granular visibility into cloud costs, helping organizations track, analyze, and optimize their spending. 

12. Turbonomic 

A hybrid cloud management platform that includes cost optimization capabilities. It leverages AI-driven automation to optimize resource allocation and ensure cost-efficiency across cloud and on-premises environments. 

13. CloudSpend 

A cloud cost management tool that offers cost analysis, budgeting, and optimization features. It provides real-time insights into cloud spending and helps organizations identify cost-saving opportunities.

Cloud cost management tools play a crucial role in enabling organizations to optimize their cloud spending effectively. By harnessing the benefits of cloud cost management tools, organizations can make informed decisions, enhance cost efficiency, and maximize the value of their cloud investments.